India says forex reserves comfortable to withstand rupee fall

NEW DELHI (Reuters) - India’s foreign exchange reserves are comfortable by global standards and sufficient to mitigate any undue volatility in the foreign exchange market, the finance minister said on Wednesday, a day after the rupee currency sank to an all-time low.

The rupee hit the record low of 70.1 per dollar on Tuesday, as concerns about Turkey’s economic woes spreading to other emerging markets such as India persisted.

“Recent developments relating to Turkey have generated global risk aversion towards emerging market currencies and the strengthening of the dollar,” Arun Jaitley said on Twitter.

“However, India’s macro fundamentals remain resilient and strong. The developments are being monitored closely to address any situation that may arise in the context of the unsettled international environment.”